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New York's Department of Financial Services will instantly become one of the highest-profile financial regulators in the nation.
The 1,700-person agency will oversee 3,900 banks, insurers, mortgage brokers, loan servicers and New York-based outposts of foreign banks.
Those companies have about $5.7 trillion in combined assets.
Lobbyists and trade groups resisted when the new agency's authority was being hashed out in Albany earlier this year.
One of the biggest fears was that the Department of Financial Services could be as mighty as the New York attorney general's office.
http://online.wsj.com/article/SB100...05790712611496.html?google_editors_picks=true
The 1,700-person agency will oversee 3,900 banks, insurers, mortgage brokers, loan servicers and New York-based outposts of foreign banks.
Those companies have about $5.7 trillion in combined assets.
Lobbyists and trade groups resisted when the new agency's authority was being hashed out in Albany earlier this year.
One of the biggest fears was that the Department of Financial Services could be as mighty as the New York attorney general's office.
http://online.wsj.com/article/SB100...05790712611496.html?google_editors_picks=true